The New Normal
2020 has ushered in a new normal for many Americans. A normal consisting of desolate grocery shelves, panicked consumers, and of course, social distancing. More and more companies are implementing remote setups, restaurants are shifting to carryout/delivery only, and many small businesses are seeing the devastating impact that COVID-19 is bringing to our country. Apart from handwashing, social distancing, and covered coughing, what can consumers do to help mitigate the losses felt by our economy? For starters, they can practice safe shopping.
Safe Shopping
Now is the time to turn to online shopping and digital wallets. Contactless payments allow the consumer to make their purchases without having to insert a card into a reader, key in a PIN or sign for their transaction. Moreover, consumers can still make essential purchases which our economy dearly needs, while simultaneously reducing their exposure to the virus.
For individuals who are self-quarantined, or simply prefer to reduce their risk of exposure, life still goes on. Apart from shopping, consumers may wish to perform more of their daily tasks digitally rather than in-person. This extends to paying bills and banking.
Mobile Banking
Since our credit union members are scattered throughout the U.S., we are well prepared for this new normal. Our Mobile App and Online Banking options allow members to do everything they need without having to visit a branch. This includes:
Mobile Deposit (Mobile only)
Bill Pay
Funds Transfer (Transfers to another institution can only be performed in Online Banking)
Apply for a Loan
Check Account Balances
Fear is Contagious
Remember when I said that Fraudsters are opportunists? When they see a chance to con people into giving out personal information, they take it. Unfortunately, COVID-19 provides an opportunity. During a global pandemic, people are constantly searching for information, and scammers know this. They are using phishing emails and fake Coronavirus mapping sites to launch malware designed to steal your banking info. As always, be cautious when clicking on links within emails, particularly from senders claiming affiliation with health officials.
Take time to verify the sender of the communication. The WHO (World Health Organization), lists several tips on their website to ensure that an email is legitimate.
When searching for a map of the outbreak, follow the same precautions I’ve outlined in our recent scam prevention blogs (here).
Hitting Home
As the number of cases increases, chances are you are seeing the effects closer to home – maybe even in your town. I’ve already talked about some steps you can take in preparation for local impact, but what happens next? If you find yourself in a bind, you aren’t alone. Many people are suddenly facing the prospect of lost wages due to decreased working hours, or business closures, thereby making their income less reliable.
The biggest piece of advice I can give you is to contact your financial institution(s) early. The sooner we know that you are experiencing a hardship, the more alternatives we have to offer, and the sooner we can help provide some relief. I can speak for our credit union when I say that we are prepared to assist our members through this tough time. We have money to lend at favorable rates, Skip-A-Pay for qualified accounts, and other ways to put our members first – just like we have for the last 85 years.
We are in this together.
I love to hear from readers! Please leave a comment below or email me directly.
Krista Kyte is a personal finance blogger and personal banker with over 17 years of experience in the financial industry. Krista is passionate about helping our members understand their financial situations. She writes tips that will help consumers reach and maintain financial security, and start living the life they’ve always wanted.
